Property Taxes in/around Knoxville (Farragut: sales, real estate, how much)

[MetropolitanTN]

Hey friends,

I am young so please pardon the ignorance. I am thinking, along with the better half, of buying a home. We love west Knoxville where we currently are and feel comfortable here.

I look on Homes.com around the area and I'm surprised by one thing. The property taxes.

It says the estimate is $259.00 a month. That seems really high! I've heard of $1000-1700 a year, but nothing this high. Is this correct or a typo on the site? I'm concerned and it kind of shoots my dream of home ownership down.

[DaveC20853]

Property taxes will be higher in the city than the county. Of course in the county you need to subscribe with Rural Metro for fire and ems and contract for trash pickup or haul it yourself. I know there was a link posted for property tax rates a fair while ago. The search function should turn it up.

[geranium]

We paid $1587 on $250,000 house in Knox County, right outside of Farragut. This is the sales price and not the assessor's valuation.


If you're estimating a budget, Rural Metro fire/emergency services for the same house is $379.

Gas last January was $150, electricity $78, water $52. (We're talking the usual three bedroom, 2600 sq ft house.) August electricity was $210, water was $141.

We use Waste Management which is $79/three months, but at least three different companies serve our neighborhood.

Charter is $147 for a TV, internet, phone bundle that was lower the first year. (Comcast does not serve our neighborhood.)

Hope all that helps. If you need more, ask.

[hiknapster]

I paid $1,300 for my house in the city. It would have been about $650 in the county for the same house. What you heard seems way off. I was a real estate agent for awhile and I never came across taxes that high in West Knoxville. It can happen, of course, but it would be a very expensive house.

Yes, there is link for property tax rates. JMT is very, very good at explaining the property tax, too.

[oldmanbob]

Welcome ETSU, and no the price you quoted, is a little off, pending all of course the price point of the property? The tax rate, is figured at about 2.93 per thousand and then your charged about 25% of the accessed value. Good luck on your search.

[JMT]

Originally Posted by hiknapster

I paid $1,300 for my house in the city. It would have been about $650 in the county for the same house. What you heard seems way off. I was a real estate agent for awhile and I never came across taxes that high in West Knoxville. It can happen, of course, but it would be a very expensive house.

Yes, there is link for property tax rates. JMT is very, very good at explaining the property tax, too.

I don't know how I missed this. Sorry about that.

Every county and municipality in Tennessee has a different property tax rate. The state does not tax property.

The tax "rate" is per $100 (not $1000 as oldmanbob said) of assessed value. The assessed value for residential property is 25% of the actual value. So, just to use round numbers, if you pay $400,000 for a home, your assessed value is $100,000.

Knox County's 2011 property tax rate is $2.36. That is, you pay $2.36 per $100 of assessed value. In the case of a $400,000 home, your annual property tax is $2,360: $400,000 multipled by 25% = $100,000. $100,000 divided by $100 = $1000. $1000 multipled by 2.36 = $2,360.

The city of Knoxville tacks on an additional $2.46 in property taxes for a total property tax rate of $4.82 (city + county rates). Farragut, the only other municipality in Knox County, does not have city property taxes.

Here's where you can find the property tax rates for every county and municipality in the state:

Tennessee Comptroller of the Treasury - Division of Property Assessments - Property Tax Rates

[MetropolitanTN]

That seems much more manageable then! I dont rec. Homes.com since the tax rates seem to high, its confusing. I like Zillow much better.

Thanks all!

[Beretta]

If you find a house you like you can look up the current property owners tax bill, among other things, here for Knox County: https://www.knoxcounty.org/apps/tax_search/index.php (click close and you will be taken to the site where you can search)

[MetropolitanTN]

I am relieved. I thought home ownership was going to be out of question. Thanks to all who responded.

[tmusich]

geranium am i seeing that right, water $52 in january and $141 in August, why the difference? You get charged by how much you use right? I'm in Orlando and I don't think one of my water bills has been over $10. And no property taxes in Farragut? never heard of that.